My lic jeevan dhara (old ) Table 096 deferred plan 20 years pension plan is maturing on july 2021 . How much pension can i commute ? What income tax do i have to pay on commuted pension ?. I am in highest income tax bracket . what is notional cash value ? Is notional cash value taxfree ?

Dear Sir,

One of my client has a salary income and loss on sale of shares in Futures and options. Is there any tax audit applicability for a person who does trading in Future and options or Derivatives and has incurred losses.

Please help me in this matter.

Regards,
Divyesh Jain

I am filing ITR3 for professional income. Under Schedule Part A - OI, Method of valuation of closing stock employed in the previous year is optional in case of professionals but it is still asking me to enter values for Raw Material and Finished goods. If I leave them blank it gives me validation error. How should I fix it?

Sir,
It business person
Crop loan from bank rs:3 lacs
Gold loan from bank rs:4 lacs received crop loan amount used for agriculture purpose and gold loan used for business purposes.
Question:
Assessess interest pay amount on gold loan and crop loans business expenses claim allowed in it act.

My husband had one tailor shop , he is a tailor , for loan bank manager ask him to fill it returns so what my question was under which itr should he need to fill and tailor is an business or profession ? What are all we need to do for filing itr 4 if in case ...

Dear All
My client has got the demand notice under Section 221 (1) for the FY 2006-07-08.
He has recieved these notices earlier in the year 2011 and 2016 as well however, previous auditor submitted the Form 16 both that times and did not care to determine the actual reasons for demand.
Now, when i am trying to download Form 26 As and intimation under section 143(1), i am not able to do so because of updations in income tax site.
Is there any way out from where i can download these to determine the actual reason fo demand.

Thanks in advance

Is tds applicable on betterment charges ? Is tds applicable u/s which section on supervision charges?

Dear Sir,

I want to know if someone has made losses in a poker game then can this losses be adjusted against salary or any other income.

Further can this loss be carry forward for future years and get adjusted against profits earned from poker game.

Please help me in this matter.

Regards,
Divyesh Jain

Suppose Assessee has created a Trust For the benefit of Daughter and The Accumulated Income will be hand over on attaining Majority. What will be taxation in the current Tax Period and In the Future When the Assessee Daughter has attained Majority.

Dear Sir,

I have following pertinent questions on the capital gain & would request your valuable advice.

Q1) A residential property (Flat) was purchased in the year 2004 in Mumbai, The registered cost of this property was 30 Lacs. Entire amount for purchasing the property was financed by Housing Loan, from leading Indian Bank, which was taken for amount of 38 lacs (30 Lacs towards cost of property and 8 Lacs towards fixtures and furniture), as this property was bare shell and lot of work had to be done to make it livable.

This property was later sold in year 2021 . I wish to know whether the entire Housing Loan amount of 38 lacs can be considered as cost of property for the purpose of calculation of capital gains, 30 Lacs as cost of property and 8 Lacs towards furniture and fixtures. If yes, then indexation shall be applicable on 30 Lacs (registered cost of property in 2004) and 8 lacs (amount for fixtures and furniture as per Housing Loan).

Q2)
I have also spend a lot on civil work, grill work and modular kitchen, as this property taken from builder was bare shell. Total amount spend on this renovation work in year 2004 was nearly 7 lacs. However proper bills are not available (most are kutcha bills) as at that time, as I was not aware of the Capital gain Taxation modalities & further I believe during that time, many small contractors might also not have executed work if bills were insisted upon. Can these kutcha bills be considered for calculation of cost of improvement.

Q3)
Whether the total interest cost paid on housing loan can be also considered towards cost of property, as this is major financial outgo. This interest was never claimed under sec 24D in those years.

Q4)
Lastly, whether indexation benefit will also apply for the above interest costs or Not.

Thanks indeed for your valuable advice.

Regards,